Asset management profit at Schroders was up by 25% in the first three months of this year but the business was struck by significant institutional mandate losses in the UK.

Profits in the division have increased from £49.9m (€73.2m) in the first quarter of last year, to £62.5m this year. Revenues for the quarter were up by 16%, from £152.8m in the first quarter of last year to £177.3m in the the same period this year.